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Key Companies Covered in the ‘Global Industrial Belt Drives Market’ Research Report by Research Nester are Dayco IP Holdings, LLC, Continental AG, Hutchinson Group, Daifuku Co., Ltd., Optibelt GmbH, Swisslog Holding AG, Interroll Group, TGW Logistics Group GmbH, Honeywell Intelligrated, DESCH Antriebstechnik GmbH & Co. KG and other key market players.
New York, Aug. 23, 2022 (GLOBE NEWSWIRE) — Research Nester has published a detailed market report on ‘Global Industrial Belt Drives Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
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Market growth over the forecast period
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Detailed regional synopsis
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Market segmentation
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Growth drivers
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Challenges
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Key market players and their detailed profiling
Global Industrial Belt Drives Market Size:
The global industrial belt market is projected to grow at a rate of 5% CAGR over the forecast period. Timely maintenance and replacement is important for belt drives to work with maximum efficiency. Worn belts eventually become incapable of transmitting horsepower effectively which further results in loss of speed and even more abrasion on belt itself. V-belt is one of the common product used in industries, though, V-belt sheaves last up to 3-5 belt changes but worn out sheave of around $110 might damage belts, worth of nearly hundreds of dollars. Therefore, looking out for damage on the belt drives and replacing it timely can help industries to work adroitly. V- belts become over 97% efficient if installed and maintained properly.
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Global Industrial Belt Drives Market: Key Takeaways
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Asia-Pacific region gains the largest portion of the revenue
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Conveyors segment to dominate the revenue graph
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Industrial synchronous belt drives sub-segment remains prominent in the product segment
Technological Advancement of Belt Drives is to Elevate the Market Growth
Belts are used in everyday machines for rotary motions. There are variety of machines that employ different kinds of belt drives systems. Constant improvement in technology of belt drives is creating the space for the growth of industrial belt drives market. Manufacturers keep improvising the working process of these machines for gaining maximum output. For instance, introduction of POWERTWIST Drive V-belts, by Fenner Drives, these belts cannot be outperformed by any other product, it is designed to sustain the optimal belt tension throughout the lifespan of belt, it requires low maintenance and provides higher productivity. In addition, a typical V-belts give peak efficiency of around 96%-99% at the time of installation.
Global Industrial Belt Drives Market: Regional Overview
Rising Prevalence of Sustainable Development to Drive the Market Growth in the Asia Pacific Region
Asia Pacific is one of most populated regions, to fulfill the needs of the population, industries are also increasing their production which in elevates the energy consumption. Rising concern to reduce the energy expenditure by industries is likely to create ample opportunities for industrial belt drives market. India and China houses a sizable portion of the world’s population, around 20% of the global population resides in these countries. Furthermore, energy demand in Asia- Pacific region is anticipated to reach around 145 quadrillion British Thermal units (BTUs) by 2050.
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Environmental Impact due to Rising Manufacturing Industries is to Boost the North America Market Growth
Manufacturing is the most crucial sector of US economy, it makes up for approximately 80% of the overall production. With increase in manufacturing, affects like depletion of renewable energy, higher use of electricity are likely to put pressure on environment. According to National Institutes of Standard and Technology, manufacturing contributed 76.6% of the overall environmental effect in the U.S. Therefore, need of belt drives is expected to increase in order to run manufacturing industries in an environmental friendly manner.
The global industrial belt drives market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
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North America (U.S., Canada)
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Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
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Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
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Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
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Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Global Industrial Belt Drives Market, Segmentation by Products
Industrial synchronous belt drives are expected to generate significant market growth owing to the change in its technology. Synchronous belts have been used in many industries for decades, since then synchronous technology has changed with time. Primary requirement of reducing the weight of component of machine is sufficed by new designs and different belt material. Weight reduction facilitates safety in handling and replacement. Use of Poly Chain ADV, a synchronous belt technology, offers almost 100% maintenance saving and nearly 96% weight saving. Furthermore, synchronous belts provide around three times the useable life compared to typical roller chain systems.
Global Industrial Belt Drives Market, Segmentation by Application
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Exhaust Fan
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Flour Mill
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Conveyors
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Compressors
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Machine Tools
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Others
Increased servicing of conveyors to prevent hazards owing to fire risk, electrical components, dust and fugitive cargo, lifting, inadequate lighting, noise, falling components, belt contact and incorrect tracking, confined space entry at high places, and other. The periodical maintenance and installation of conveyors is expected to project maximum growth in industrial belt drives market. Industries and operators are rapidly migrating to outside contractors for the upkeep of machines which saves time and cost in the long run. Consistent maintenance of conveyors improves production by nearly 42% and reduces lost time instances by approximately 80%.
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Global Industrial Belt Drives Market, Segmentation by End User
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Industrial
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Mining
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Agriculture
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Commercial
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Others
Few of the well-known market leaders in the global industrial belt drives market that are profiled by Research Nester are Dayco IP Holdings, LLC, Continental AG, Hutchinson Group, Daifuku Co., Ltd., Optibelt GmbH, Swisslog Holding AG, Interroll Group, TGW Logistics Group GmbH, Honeywell Intelligrated, DESCH Antriebstechnik GmbH & Co. KG and others.
Recent Developments in the Global Industrial Belt Drives Market
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In July 2022, Dayco LLC., introduced a new timing belt, HT Power Carbon to satisfy the need of high performance machines. Company introduced this newly designed belt in the Middle East & Africa and Europe region.
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